AIRLINK 217.98 Decreased By ▼ -4.91 (-2.2%)
BOP 10.93 Increased By ▲ 0.11 (1.02%)
CNERGY 7.55 Decreased By ▼ -0.01 (-0.13%)
FCCL 34.83 Decreased By ▼ -2.24 (-6.04%)
FFL 19.32 Increased By ▲ 0.08 (0.42%)
FLYNG 25.15 Decreased By ▼ -1.89 (-6.99%)
HUBC 131.09 Decreased By ▼ -1.55 (-1.17%)
HUMNL 14.56 Decreased By ▼ -0.17 (-1.15%)
KEL 5.18 Decreased By ▼ -0.22 (-4.07%)
KOSM 7.36 Decreased By ▼ -0.12 (-1.6%)
MLCF 45.63 Decreased By ▼ -2.55 (-5.29%)
OGDC 222.08 Decreased By ▼ -1.18 (-0.53%)
PACE 8.16 Decreased By ▼ -0.02 (-0.24%)
PAEL 44.19 Increased By ▲ 0.69 (1.59%)
PIAHCLA 17.69 Decreased By ▼ -0.37 (-2.05%)
PIBTL 8.97 Decreased By ▼ -0.10 (-1.1%)
POWERPS 12.51 Decreased By ▼ -0.50 (-3.84%)
PPL 193.01 Decreased By ▼ -5.23 (-2.64%)
PRL 43.17 Increased By ▲ 0.93 (2.2%)
PTC 26.63 Decreased By ▼ -0.76 (-2.77%)
SEARL 107.08 Decreased By ▼ -3.00 (-2.73%)
SILK 1.04 Decreased By ▼ -0.02 (-1.89%)
SSGC 45.00 Decreased By ▼ -2.30 (-4.86%)
SYM 21.19 Increased By ▲ 0.42 (2.02%)
TELE 10.15 Decreased By ▼ -0.37 (-3.52%)
TPLP 14.51 Decreased By ▼ -0.44 (-2.94%)
TRG 67.28 Decreased By ▼ -1.57 (-2.28%)
WAVESAPP 11.29 Decreased By ▼ -0.63 (-5.29%)
WTL 1.70 Decreased By ▼ -0.09 (-5.03%)
YOUW 4.25 Decreased By ▼ -0.10 (-2.3%)
BR100 12,397 Increased By 33.3 (0.27%)
BR30 37,347 Decreased By -871.2 (-2.28%)
KSE100 117,587 Increased By 467.3 (0.4%)
KSE30 37,065 Increased By 128 (0.35%)

SINGAPORE: CBOT corn may revisit its Sept. 30 high of 6.96-1/4 per bushel, as most of the drop from this level has been reversed.

The reversal, coupled with the surge from the Oct. 7 low of $6.71-1/2, suggests a continuation of the uptrend.

The confirmation of the uptrend will be when corn breaks $6.96-1/4.

The correction from $6.99-1/2 was so shallow that it barely extended below the 23.6% retracement of the uptrend from $5.61-3/4.

This is very uncommon, as the correction is supposed to at least reach $6.46-3/4, assuming the uptrend has peaked at $6.99-1/2.

CBOT corn may retest support at $6.77-1/4

Either the uptrend is too strong or the correction from $6.99-1/2 has not completed.

Support is at $6.81-1/2, a break below may be followed by a drop into $6.72-3/4 to $6.77-1/4 range.

On the daily chart, corn remains sideways around a key resistance at $6.88.

Its confusing behaviour complicates the picture.

There is early signal of a break above this resistance.

However, a confirmed break will be when corn climbs above $7.00.

Trending signals will become bearish only when corn drops below the Oct. 7 low of $6.71-1/2.

Comments

Comments are closed.